Nicolas Cage and his real estate invesments are in trouble
Nicolas Cage sued his former business manager for $20 million, claiming bad advice and mismanagement led him toward financial ruin.
Cage filed the lawsuit against Samuel J. Levin and his firm.
“Instead of protecting and preserving Cage’s wealth during one of the greatest economic periods in the country’s history, Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses,” the lawsuit states.
Levin served as Cage’s business manager from 2001 to 2008 and collected millions of dollars in management fees, court documents state.
Cage, 45, relied on Levin’s statements and advice and couldn’t have known about the financial trouble he was facing until after he hired new management, according to the lawsuit.
Public records show Levin has been a licensed certified public accountant in California for nearly 25 years and has no public record of disciplinary actions.
An Oscar-winning actor, Cage is known for his dramatic roles in films such as “Leaving Las Vegas” and “Adaptation” as well as action turns in “The Rock” and the “National Treasure” films.
Nicolas Cage is facing more financial woes amid reports the actor owes over $6 million (£4 million) in unpaid taxes. The Internal Revenue Service (IRS) has placed a tax lien on Cage’s vast real-estate holdings after he failed to pay income tax totaling $6.26 milion (£4.2 million) on his wages dating back to 2007, according to the New York Post.
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